Colli Real Estate

Buying a house before selling other. If I can’t sell and forclose on 1st house,can I keep the second?

Want to buy house in NC before contingency contract expires. 1st house been on market since the begining. of April. If I buy the house in NC with own money what happens if I don’t sell and foreclose on 1st house. If the bank gets what we owe on it, could we lose our house in NC? Would we lose that one too if we were making our payments on NC house? What could happen if anything to house in NC. I know our credit would be screwed up, but we would already have our other house in NC. Could anything happen to it? What are the foreclosure laws for MD?

You would not lose your home in North Carolina. If their is a deficiency in the home that may be foreclosed on, then they could sue you for the difference although this is not very common. Your credit will obviously be destroyed, you will have a hard time obtaining financing for just about anything for a few years (up to 7) and you will most likely receive a 1099C from your old lender. This 1099C will need to be claimed on your taxes for the upcoming tax year that it is issued in and treated as normal income. Therefore, if there was a deficiency of 50k, then you will receive a 1099c in the amount of 50k and you will be responsible to pay taxes on this when you are doing your taxes as if you had earned this. However, long story short your new home in NC will be fine. You may want to consider other alternatives to foreclosure though since that is a last resort. Try seeing if your lender will accept a short sale, defer payments for awhile to help you out to sell the home, etc… Good luck to you and see below for ways to avoid foreclosure.

Rep Conyers: Bankruptcy laws to stop foreclosures

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FORECLOSURE $24.5 If you are in danger of losing your home, it””s important to remember that you are not alone. In these uncertain economic times, financial problems have affected virtually everyone…

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